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Weekly Wrap-Up: MLPs Weak Last Week amid Crude Oil Volatility

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Part 5
Weekly Wrap-Up: MLPs Weak Last Week amid Crude Oil Volatility PART 5 OF 5

MLP Rating Updates for the Week Ended September 8

Calumet Specialty Products Partners

Calumet Specialty Products Partners (CLMT), the MLP involved in the production of specialty fuels and refining, was downgraded last week by Janney Capital Management to “neutral,” which is equivalent to a “hold” from a “buy.” Overall, CLMT has seen four rating updates since the beginning of this year, including two upgrades and two downgrades. Following last week’s downgrade, 60.0% of analysts rate CLMT a “hold,” 20% rate it a “buy,” and the remaining 20.0% rate it a “sell.” The partnership is currently trading above analysts’ average target price of $7.

MLP Rating Updates for the Week Ended September 8

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ONEOK

Barclays reinitiated coverage of Oneok (OKE) last week with an “equal weight” rating, which is equivalent to a “hold.” It assigned OKE a target price of $58. Overall, OKE has seen six rating updates so far in 2017, including three upgrades, two new coverages, and one downgrade. Currently, 64.7% of analysts surveyed by Reuters rate OKE a “hold,” 29.4% rate it a “buy,” and the remaining 5.9% rate it a “sell.” OKE is currently trading close to its average target price of $56.40.

Hi-Crush Partners

Hi-Crush Partners (HCLP), the frac-sand producer, saw a downward revision of its target price to $15.90 by Barclays last week. About 90.0% of analysts rate HCLP a “buy,” and the remaining 10.0% rate it a “hold” as of September 8, 2017. HCLP is currently trading below the low range ($7.90) of analysts’ target price. Its average target price of $15 implies a ~90.0% upside potential from its current price level.

Rice Midstream Partners

Rice Midstream Partners (RMP), the MLP formed by Appalachian-based Rice Energy (RICE) to provide natural gas gathering and compression services, was downgraded by Goldman Sachs last week to a “neutral” from a “buy.” RMP has seen several rating downgrades following the Rice Energy–EQT (EQT) merger announcement. Currently, 66.7% of analysts rate RMP a “hold,” and the remaining 33.3% rate it a “buy.” RMP’s average target price of $22 implies a ~6.0% return from its current price level.

For more coverage on midstream companies, be sure to check out Market Realist’s Master Limited Partnerships page.

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